There are many cryptocurrency projects out there. We must try to understand that a cryptocurrency should have a basic purpose. This is one of the main reasons why so many people use cryptocurrencies and invest in many cryptocurrency projects in the first place. If a coin does not have a specific purpose, then the chances are that the coin is itself a scam coin. This was the case with many scam coins such as Onecoin. So, how to make passive income by investing in legitimate cryptocurrency projects?
How To Make Passive Income by Investing In Cryptocurrency Projects?
- Thread starter Passiveearner
- Start date
- Thread starter
- #6
There are many cryptocurrency projects that require people to invest money. However, the main problem with such kind of projects is the fact that many of them are clearly not regulated at all.
Considering that the concept of cryptocurrency comes with its own unique set of uncertainties, I guess it would be smarter for a person to choose to invest in this field by participating the creation of a particular virtual coin. This strategy would earn an individual some passive income, whilst shielding the investor from the risks involved in running crypto-related businesses.
- Thread starter
- #9
Cryptocurrency will stay for a long time as of now because it is a decentralised asset. However, the main problem with cryptocurrencies is the fact that there are many people who may have invested a huge sum of money and they may not gaining any benefit because the cryptocurrency market is not gaining new investments.
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- #13
Well, it is very important to assess the coin's performance and also assess other things as well before you invest in such kind of coins. Any coin may perform well or worst in the future, depending on many factors.
The current exchange rate of a bitcoin to the US dollar is 1 BTC to 30,163.20. This is a high amount of money for one to spend.
I wonder if a person who chooses to buy as low as a tenth of a BTC would have any real chance of making a decent profit.
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- #16
Well, the main reason why cryptocurrencies will be here for a long time is due to the fact that they are decentralised and there is little the government could do in order to stop them. This is one of the biggest reasons why cryptocurrencies shall survive.
Yes that's true, there are actually lots of projects one can invest in, the most important thing is having the needed knowledge to be able to invest in them. You could have someone with more experience put you through.
Cryptos are more difficult to analyze than stocks, although we can buy cryptos at launch, we should check contracts to see if they have been audited by an auditing firm like Hacken. and make sure the verified project is not a duplicate of a similar contract. liquidity evaluation to avoid rugpull.
